American equity markets edge higher Wednesday

The US Stock market experienced a positive opening Wednesday following the release of economic data in the US. In the United States, Retail Sales (MoM) rose +0.1% in January, against expectations of +0.1% and down from +0.5% previously. In addition, Retail Sales ex Autos (MoM) reported a figure of +0.2% in January, exceeding a consensus of only +0.1%.

Beginning with the indices and composites, the NASDAQ rose +0.26% as it settles in region of 3195.09, up +8.59 points in these moments. In addition, the S&P 500 is trading in positive territory, operating at 1522.88, ascending +3.45 points or +0.22% at the time of writing. Finally, the Dow Jones has moved higher at the opening as well, trading in the zone of 14025.65, presently +0.06% after a marginal climb of +6.95 points.

Sectors are all in the red at the opening, however the Conglomerates and Basic Materials sectors have distinguished themselves as the winners thus far, rising +1.73% and +0.73% respectively. In other news, the price of crude has settled above USD $97.79 Wednesday.

Sebastien Galy, Senior FX Strategist at Societe Generale believe that the outcome of existing market pressures is seeing the drive of money out of safe havens, with CHF and JPY weakening core European curves under pressure and peripheral ones outperforming even after a mixed Italian auction. He comments, “Riksbank stayed on hold driving some expectations of a cut and EURSEK lower with it.”